The Minister of Agriculture and Food Security, Senator Abubakar Kyari has said that Nigeria recorded the export of cocoa worth N1.24 trillion in 2023 as the subsector accounts for 5.6% of non-oil export.
This is just as the National Cocoa Management Committee (NCMC) seeks the support of the government in terms of funding to achieve its mandate of revitalizing the cocoa industry.
Speaking while receiving members of the NCMC, Senator Kyari said in January 2024, a ton of Cocoa bean was valued at N 1.8million while it is of total value at N11.2 million/ton presently in Nigeria market.
“As you are aware, Nigeria’s cocoa export accounts for Agricultural exports (N1.24 trillion) in 2023 and 5.6% of non-oil exports. In January 2024, a ton of Cocoa bean was valued at N 1.8million while it is of total value at N2 million/ton presently in Nigeria market.
“This implies that Cocoa development in Nigeria is economically viable for investment both locally and internationally”, the Minister said.
He however promised that the Ministry will assist the NCMC to access a cocoa fund from the African Development Bank (AfDB) with the target of improving the cocoa industry in Nigeria.
“Also, it is noteworthy that the African Development Fund (AFDB) has funds to support the development of Cocoa in Nigeria as mentioned by the NCMC Chairman.
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“Therefore, this Ministry will work through the NCMC to access this fund for the development of the Cocoa sector and the implementation of the National Cocoa Plan (2023-2032).
“On the issue of the European Union Deforestation Regulation (EUDR) threats to Nigerian Cocoa. It is therefore more urgent than ever for Nigeria’s EUDR Preparedness Assessment Check to be undertaken and therefore FMAFS will support the European Union (EU) to embark on the assessment as was done for other Cocoa producing countries such as Ghana, Cote d’Ivoire and so on”.
While speaking on behalf of the NCMC, the Secretary of the Committee, Dr Patrick Adebola who represented the Chairman identified funding and lack of legislative backing as some of their major challenges.
He harped on the need to strengthen NCMC to metamorphose into the National Cocoa Board as obtained in Ghana, Cote d’Ivoire and Cameroon.
Adebola also highlighted the need for an emergency in the Cocoa sector to avoid the impending EUDR threats and access to the carbon credit funds.
He also called for a partial regulation of the Cocoa Industry in Nigeria to guarantee quality, transparency, traceability, and sustainability.
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